KARACHI: The cotton market was steady on Friday amid selective buying for quality lint.

However, short supply of high quality cotton is keeping business activity restricted, floor brokers said. Ginners on their part are reluctant to dispose of their stocks hoping to get higher price in the coming days.

Though the prices on world cotton market have declined considerably, they still do not mach import parity, they added.

The New York cotton market recovered recent losses on renewed buying interest which resulted in rise of prices of all the future contracts.

The Karachi Cotton Association’s (KCA) spot rates were steady at previous level.

Most of the deals on ready counter were finalised above Rs5,000 per maund.

Major deals included: 400 bales from Sanghar done at Rs4400, 200 bales Shahdadpur at Rs4600, 200 bales Tando Ghulam Ali at Rs4900, 1600 bales Pano Aqil at Rs5100, 400 bales Maroot at Rs4950, 600 bales Haroonabad at Rs4950, 500 bales Burewala at Rs5100, 600 bales Shah Jamal at Rs5160, 400 bales Mian Channu at Rs5200, 568 bales Sadiqabad at Rs5200.

Published in Dawn March 14th , 2015

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